Ferrari (NYSE:RACE) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Ferrari (NYSE:RACE) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.

Several other equities analysts have also commented on the company. Evercore ISI upped their target price on Ferrari from $430.00 to $465.00 and gave the company an outperform rating in a report on Monday, April 22nd. Morgan Stanley reaffirmed an overweight rating and set a $400.00 target price on shares of Ferrari in a report on Monday, April 22nd. Jefferies Financial Group initiated coverage on Ferrari in a report on Friday, May 10th. They set a hold rating and a $403.00 target price for the company. Bank of America increased their price objective on Ferrari from $458.00 to $512.00 and gave the stock a buy rating in a report on Wednesday, April 10th. Finally, UBS Group increased their price objective on Ferrari from $413.00 to $448.00 and gave the stock a buy rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $456.67.

Ferrari Stock Down 0.3 %

NYSE:RACE opened at $413.67 on Tuesday. The firm has a market capitalization of $76.43 billion, a PE ratio of 52.83, a price-to-earnings-growth ratio of 5.07 and a beta of 0.98. The stock has a 50 day moving average of $420.33 and a 200-day moving average of $385.43. Ferrari has a 52 week low of $283.20 and a 52 week high of $442.80. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80.

Ferrari Announces Dividend

The company also recently declared an annual dividend, which was paid on Friday, May 3rd. Shareholders of record on Tuesday, April 23rd were paid a dividend of $2.443 per share. This represents a yield of 0.62%. The ex-dividend date of this dividend was Monday, April 22nd. Ferrari’s payout ratio is currently 6.58%.

Hedge Funds Weigh In On Ferrari

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC boosted its stake in Ferrari by 1.0% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,247 shares of the company’s stock valued at $1,437,000 after purchasing an additional 40 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Ferrari by 1.4% in the third quarter. Vanguard Group Inc. now owns 4,441,408 shares of the company’s stock valued at $1,312,614,000 after purchasing an additional 61,132 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Ferrari by 12.0% in the third quarter. B. Riley Wealth Advisors Inc. now owns 2,140 shares of the company’s stock valued at $632,000 after purchasing an additional 230 shares in the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in shares of Ferrari in the third quarter valued at $157,620,000. Finally, Syntal Capital Partners LLC purchased a new stake in shares of Ferrari in the third quarter valued at $511,000.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.